Question

(02.01 mc) the median weekly income for someone with a high school diploma was $629.00. if they continued their education and obtained a bachelors degree, their median weekly income increased about 63.7%. determine the median weekly income for someone with a bachelors degree. $228.33 $467.89 $679.45 $1,029.67

Explanation:

Step1: Calculate the increase amount

The increase percentage is $63.7\%=0.637$, and the initial income is $629$. The increase amount is $629\times0.637$.
$629\times0.637 = 629\times(0.6 + 0.03+0.007)=629\times0.6+629\times0.03 + 629\times0.007=377.4+18.87+4.403 = 399.673$.

Step2: Calculate the new income

The new income (median - weekly income for bachelor's - degree holder) is the sum of the initial income and the increase amount. So it is $629+399.673 = 1028.673\approx1029.67$.

Answer:

$1029.67$ (corresponding to the last option)